Eskom’s latest financials show R24 billion loss
Eskom has reported a net loss after tax of R23.9 billion for the 2022/23 financial year, up from R12 billion in the previous financial year.
The utility presented its annual results for the year ending March 31 in Johannesburg on Tuesday.
The losses was partly due to Eskom implementing 280 days of load shedding this year, compared to 65 days last year.
Higher stages of load shedding, burning of more diesel and the ballooning municipal debt also played a role.
Acting group CEO Calib Cassim said this year was characterised by a significant deterioration in performance, including a steep decline in its energy availability factor of 56.03%, down from 62.02% in 2022.
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"The upward pressure on productions costs, coupled with reduction in volumes, linked to load shedding, as well as where the economy is, another factor is the increasing growth of municipal areas debt that has resulted in the pressure on performance for the new resulting of net loss after tax, being increased from R11,9 billion in 2022 financial year to R23,9 Billion in 2023 financial year. This is despite a 9.61% in terms of tariffs."
Cassim said he 2024 financial year should be the last time the utility incurs losses.
"March 2024 should be the last year where we have these significant losses, it should drop significantly in 2025.
"As we reap the benefits of the debt relief and we see the early signs of municipal debts, dropping the OGCT spin will only contribute to the bottom line, I believe that the time for excuse for Eskom and staff is over, we now need to deliver for the country."
